- AbbVie is buying a California firm that makes cancer drugs for $21 billion.
- AbbVie Inc.'s $21 billion deal to buy Pharmacyclics Inc. came after a pitched battle with rivals including Johnson & Johnson that featured multiple rounds of bidding and went down to the wire Wednesday night.
The purchase of Sunnyvale, Calif.-based Pharmacyclics, announced late this evening, "accelerates AbbVie's clinical and commercial presence in oncology, strengthening its already robust pipeline, and establishing its strong leadership position in hematological oncology — an attractive and rapidly growing market, now approaching $24 billion globally," the companies said in a statement.
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